Another week of artificial stock rampage courtesy of a transitory, one-time $2 trillion liquidity spike [3] (that is now ending, if only temporarily), and another week of retail investors refusing to be suckered in (and joining corporate insiders who just sold a record amount [4]of their own stock). In the week ended March 28, domestic equity mutual funds per ICI [5] saw another $3.5 billion in equity redemptions: the biggest since the start of 2012, bring total 2012 YTD outflows to $19 billion, nearly 100% more than the outflow for the comparable period in 2011, which saw "only" $10 billion in outflows. Truly a good way to celebrate the highest artificial stock market high since December 2007. And to all the "but the money is simply going into ETFs" apologists: you are right, with one caveat: Bond ETFs [6]! ... And of course, the TVIX.
[7]
And as a reminder, this is what corporate insiders are doing:
[8]
So... now that the selling has begun, who among those who have been buying (courtesy of the highest margin debt [9]since last July), i.e., primary dealers and hedge funds, will blink first?